\u3000\u3 China Vanke Co.Ltd(000002) 459 Ja Solar Technology Co.Ltd(002459) )
Key investment points
Performance summary: the company achieved an operating revenue of 41.302 billion yuan in 2021, with a year-on-year increase of 59.80%; The net profit attributable to the parent company was 2.039 billion yuan, a year-on-year increase of 35.31%. In the first quarter of 2022, the company realized an operating revenue of 12.321 billion yuan, a year-on-year increase of 77.12%; The net profit attributable to the parent company was 750 million yuan, a year-on-year increase of 378.27%.
The market share of components was further improved, and the profitability was improved quarter by quarter. In 2021, the company's battery module shipment volume was 25.45gw, with a year-on-year increase of 60.26%; The external sales of components is 24.07gw, and the average sales price is 1.64 yuan / W. The market share of the company's components has further increased, ranking second in the industry Cecep Solar Energy Co.Ltd(000591) battery module business achieved an operating revenue of 39.46 billion yuan, a year-on-year increase of 64.23%; The gross profit margin was 14.63%, a year-on-year decrease of 1.73pp. In 2021, the company's gross profit margin increased quarter by quarter, and the single watt profit returned to a higher level. The company sold 110MW stock power station and confirmed the investment income of 205 million yuan. By the end of 2021, the power station project under construction is 350MW. In 2021, the power station business segment achieved an operating revenue of 443 million yuan, with a gross profit margin of 59.54%. In the first quarter of 2022, the company's shipments of photovoltaic module products increased year-on-year, and the product price increased significantly. The comprehensive gross profit margin was 14.79%, up 4.01pp year-on-year.
Further layout of integrated production capacity, and new battery technology go hand in hand. By the end of 2021, the company's component capacity was nearly 40gw, and the silicon wafer and battery capacity was about 80% of the component capacity. The company plans to form a component capacity of more than 50gw by the end of 2022, with shipments of 35 ~ 40gw. The silicon wafer and battery capacity will maintain 80% of the component capacity. In 2021, the company invested 2.718 billion yuan in R & D, accounting for 6.58% of the operating revenue. In terms of new battery technologies such as TOPCON, hjt and IBC, the company has R & D layout to achieve mass production efficiency of n-type passivated contact battery 24.6%, full back contact battery efficiency 25% and photoelectric conversion efficiency of heterojunction battery 25%.
Issue a new equity incentive plan to bind the interests of core employees. The company launched the 2022 stock option and restricted stock incentive plan, and plans to grant 14.015 million rights and interests to 882 incentive objects, including directors, senior executives and core backbones. The performance assessment objective is to increase by no less than 45%, 70% and 95% from 2022 to 2024 based on the operating revenue in 2021; Or based on the net profit in 2021, the growth rate from 2022 to 2024 shall not be less than 50%, 80% and 120%. The company's new equity incentive covers a wide range, which helps to bind the interests of core employees and maintain the stability of operation and management.
Profit forecast and investment suggestions. The market share of the company's components continued to increase, its profitability remained at a high level, and continued to develop and layout a new generation of battery technology. The equity incentive plan binds the interests of core employees. It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be 4.165 billion yuan, 5.393 billion yuan and 6.928 billion yuan respectively, maintaining the "buy" rating.
Risk warning: the price rise of raw materials is higher than expected; US trade policy risks; Exchange rate fluctuation risk
